NEW YORK -- In the latest sign of a divided economy, JPMorgan Chase CEO Jamie Dimon gave an impassioned speech Tuesday about how consumers are "winners" of the current economy, even as the bank warned of rising defaults in oil, gas and mining loans.

"The U.S. consumer is a huge winner" of falling oil prices, Dimon told investors at the company's annual Investor Day in New York on Tuesday. "They are actually buying stuff, and we are actually seeing them buying stuff," he said.

The bullish comments come as the bank's stock has plunged 15% this year on fears that profits will be squeezed by falling oil prices and other signs of an economic slowdown.

JPMorgan only reinforced those fears Tuesday when it said it expects to increase its cash cushion against bad energy loans by $500 million to $1.3 billion for the three-month period ending in March. The bank also said it could increase its reserve against metal and mining debts by $100 million to $350 million this quarter.

The bank's stock dropped 4.2% to close at $56.12 a share on the news, which dragged down the wider industry. Bank of America's stock dropped 3% to $12.16 a share, while shares of Citigroup fell 3.3% to $38.21 a share.

Last month, JPMorgan upped its cushion against troubled oil and gas credits by $124 million in the fourth quarter — its first increase since 2011 — as oil prices plunged to $30 a barrel.

The bank Tuesday also warned that its reserves for bad oil and gas loans could rise by another $1.5 billion if oil prices stay at $25 a barrel for 18 months. That is more dire scenario than the one the bank painted last month when it said reserves could increase by another $750 million if oil prices stayed at $30 a barrel for 18 months.

On Tuesday, the WTI index said the price of crude was trading at $31.87 a barrel.

Despite warning of rising loan losses, Dimon sought to convince investors on Tuesday that Main Street is doing just fine. "My own personal belief is that this will settle out and the U.S. economy will keep chugging along," he told investors.

Consumers' "balance sheets are in very good shape" even if corporate earnings are not, he said. Skewing perceptions, he said, is the fact that manufacturing, which makes up just 12% of the overall economy, occupies over 50% of the profits of the S&P 500.

He also suggested investors ignore stock market volatility, which he said is not a good predictor of economic woes.

"I am not saying discount the risk. I am saying discount the market a little bit," he said.